LatAm Bonds
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The increasing international popularity of bonds denominated in Brazilian reais was evident this week, with a highly successful R$750m ($347m) tap of the sovereign’s 2028 real globals and news that Banco Safra was planning a $200m equivalent 144A RegS bond in reais.
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The US market for high yielding Latin American corporate bonds came back in style this week, with a Dominican brewer and a Brazilian airline company both issuing well received transactions.
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Moody’s announced the new timetable for the roll-out of the updated version of the JDA (joint default analysis) methodology last Friday.
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Panama reaped the benefits of a rush back into emerging market bonds by US investors this week, when it tapped its 2036s for $450m.
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PDVSA, the Venezuelan oil company, has increased the amount it intends to issue in dollar bonds from an initial $3.5bn to $5bn.
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Wednesday’s Federal Reserve meeting sent a much needed gust of wind into the sails of markets that, for the preceding three weeks, had been stagnating in nervousness and uncertainty.